SP Setia to launch differential sum loan scheme

Source: http://www.theedgemarkets.com/article/s-p-...sum-loan-scheme

KUALA LUMPUR (April 19): Property developer S P Setia Bhd is launching its Setia Express Advance Loan (SEAL), a differential sum loan scheme that offers interest rates as low as 5.5% per annum and up to 30% of the intended property purchase price.

This is an innovative move by the developer in response to market challenges, the company said.

In a statement today, S P Setia said the scheme enables eligible purchasers of completed S P Setia properties to bridge the financing gap between purchase price and purchaser's end financing loan amount, providing them with a convenient and hassle-free solution for buyers to own their desired homes.

"In providing further financial flexibility, SEAL offers a 36-month repayment period and no penalty charge will be imposed on buyers, should they choose to settle their loan amounts earlier," the company said.

Should be quite similar to personal loan.

Indeed. Sounds similar. SP can offer this type of scheme la i guess.

For interest of 5.5% pa it's better than personal loan.

Target for those who can't get full loan or the third residential property purchaser I presume... 5.5%, the rate slight higher than conventional house loan rate (4.xx%), but way lower than the conventional personal loan rate.

Yeah "up to 30% of the intended property purchase price" appears to me is to target those purchasers whose loan capped at max 70% due to 3rd or more properties.

Personal loan can go as low as 4.7%. Sps shud give interest free loan ma for d 30% purchase price!

Which bank can give personal loan as low as 4.7%?

Bandaraya bank

SPS seems can't match with this bank...

Ya lo sps so rich can spend billions buying i&p but dont want to benefit their clients so bad la !:)

Cannot lah, in terms of cash liquidity, SPS still can't match with Bandaraya Bank lah...

One thing intrigue me is that I suppose the loan given out by SPS is unsecured one, so I believe the selection criteria could be quite strict and probably for higher end product.

Some more buy prime sg land, 30% of selling price is chicken feed la to sps, its a matter of wthr they want to do it or nt only. If they do it sure d their prop will b sapu-ed within days.

Yeah, I presume is for undercon project or highend product, which SPS shall have more "control" on it.

SPS wait SDP or UEM do it first...

"...enables eligible purchasers of completed S P Setia properties to bridge the financing gap..."

Completed property woh... btw whether completed or uncompleted still the same leh the risk to SPS.

This post has been edited by Jasoncat: Apr 19 2017, 05:11 PM

Oh I see... If that's the case is for the unsold stock. Normally unsold stock is either high end product or those with leftover units..

Haha bro u r sps punya spokesman ka?

Anyway its a good effort tht d taikor developers shud emulate

No lah, I just blow water only, yu mou can't become spokeperson for anyone...

Under current environment, need to think and practise more "innovative" methods to attrach sales..

This post has been edited by samkps: Apr 19 2017, 05:31 PM